On the 1-hour chart of VIR/USDT (Virtuals Protocol) on MEXC exchange, we can observe the formation of a bearish triangle pattern indicating a probable continuation of the downtrend.
Technical Analysis:
The coin has formed two significant peaks and is now on a downward trajectory
Current price: 0.54424 with a change of -0.34% in the recent trading session
Breaking the support line around 0.54 could pave the way for further downward movement
Trading Strategy:
Entry price: 0.54424
Price target: 0.05768 (potential profit of 10.58%) with a quantity of 5,768 and position size of 1620.48
Stop loss: 0.02324 (risk of 4.26%) with a quantity of 2,324 and position size of 750
Attractive risk to reward ratio: 2.48
Looking at the indicators, we can observe that the downtrend is gaining strength, and the probability of a downside breakout is very high. It is recommended that traders pay attention to temporary resistances in the downward path and always use a stop loss.
This trading idea is suitable for individuals with moderate risk tolerance, and it is recommended to allocate a maximum of 5% of your capital to this trade. Also, pay attention to the overall market trend and news related to the Virtuals Protocol.
Technical Analysis:
The coin has formed two significant peaks and is now on a downward trajectory
Current price: 0.54424 with a change of -0.34% in the recent trading session
Breaking the support line around 0.54 could pave the way for further downward movement
Trading Strategy:
Entry price: 0.54424
Price target: 0.05768 (potential profit of 10.58%) with a quantity of 5,768 and position size of 1620.48
Stop loss: 0.02324 (risk of 4.26%) with a quantity of 2,324 and position size of 750
Attractive risk to reward ratio: 2.48
Looking at the indicators, we can observe that the downtrend is gaining strength, and the probability of a downside breakout is very high. It is recommended that traders pay attention to temporary resistances in the downward path and always use a stop loss.
This trading idea is suitable for individuals with moderate risk tolerance, and it is recommended to allocate a maximum of 5% of your capital to this trade. Also, pay attention to the overall market trend and news related to the Virtuals Protocol.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.